This invention relates to a system and method for insuring safe deposit boxes and more particularly to a system and method for insuring a safe deposit box without having to itemize the contents of a safe deposit box.
Safe deposit boxes are found at various institutions such as banks, savings and loans, and credit unions for the deposit of important documents and items for safekeeping. For example, gold, coins, jewelry, silverware, paintings, stock certificates, and legal documents may be stored in safe deposit boxes. Although safe deposit boxes are assumed to be secure the contents have been robbed, destroyed, or lost through various means. For example, a theft may occur by a break in into the vault. Also, flooding, fire, and earthquake may occur in which the contents of the box are destroyed because such contents are not waterproof. An earthquake can also destroy the box and its contents. Therefore, it would be desirable to be able to insure against the theft or destruction or other specific perils of a safe deposit box.
The present disclosure is designed to obviate and overcome many of the disadvantages and shortcomings associated with safe guarding against the theft or destruction of a safe deposit box. In particular, the present disclosure is a system and method for insuring a safe deposit box from an insurable event. Moreover, the system and method of the present disclosure can be employed to insure the safe deposit box without having to itemize, disclose, appraise, or list the contents of the safe deposit box which overcomes many of the problems associated with existing methods that insure only the contents. Further, some advantages are there is no need to itemize the contents of the safe deposit box, there is no need to have expensive appraisals, there is no need to reappraise as values of the items change, and there is no need to update the contents of the safe deposit box. Another advantage is that items may be removed from the safe deposit box and the insurance policy will still pay for coverage in the event of an insurable event such as when the box is burglarized. Insurance for a safe deposit box is inexpensive for the consumer due to there being no appraisals and the fact that the insurance covers the safe deposit box without regard to the contents thus making underwriting much simpler and less expensive. Since there is less paperwork and no appraisals for an underwriter to review this results in lower premiums being charged.
The insurance policy is easy to issue because no reviews are required. All that consumers need to do is fill out a simple form stating bank location, box number, and the dollar amount of insurance requested. The consumer is also afforded complete privacy because the contents of the safe deposit box do not have to be disclosed or itemized. Obtaining insurance for a safe deposit box is a streamlined and easy process.